During the last year I have successfully completed many short sales most of the time with hundreds of hours put in on the phone, planning, anticipating and constant maintenance on the account to get the deal done.
Calling the Loss Mitigation Dept or Short Sale Department:
- A. The first line is a collection agency and their job is to not let you pass and collect a payment - equal to a couple of blows to the head with a baseball bat)
- B. If you get transferred to Short Sales - start off with level 1 (couple more shots to the head) when you find out the faxes have not gone through or have been imaged in 30 days.
- C. Level 2 Negotiator - wants to help but is still putting the file together, so react quickly and get them want they need. (Still painful because they usually don’t respond and your file is reassigned just before their 30 days to open the file is up so this should put you at 3 months in with a terrible headache.
- D. Level 3 Negotiator - File is done and is being prepped to be sent to the investor, or MI carrier. There is no time frame so your head starts throbbing because your buyers are 5 months in and ready to walk. If they walk you start over with #1.
Faxing Documents:
Most of the banks incoming digital fax lines are jammed/overwhelmed/under prepared or down and IF the fax goes through (I.E. - you can print out a confirmation sheet) if they appear in your clients file within a 21 day period "halanuh" but if they never appear in the file or if they get imaged into the wrong slot is spells failure.
Emailing Documents:
Negotiators do not give or dont have access to get external email so this usually doesn’t happen unless you get a supervisor and when do upload it correctly it will assist in moving the deal along.
Hitting the Moving Target Blindfolded:
The Agents role in getting the short sale completed is similar to being blindfolded and asked in order to survive and put food on the table you need to go hunting for a deer blindfolded. Every hundred thousand shots you may get lucky.
The minefield created by the banks is almost impossible to cross but we continue to push forward and inch at a time.
More to come - Stay Positive in Overwhelming Negative Times
Admin
~
